Respond using a minimum of 300 words.

  1. In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required in the near future to prepare financial statements according to International Financial Reporting Standards (IFRS). If the United States adopted IFRS standards, what would be the advantages and disadvantages? Does it make sense for U.S. companies to change to IFRS? How would IFRS impact a comparative analysis of an organization’s financial statements?

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